To add a counterpoint - I've heard senior executives remark about the likelihood that many of those let go are the not the employees that you really _want_ to pickup. The reasoning they've implied there is that these big companies that hire so voraciously have simply made some mistakes along the way and used the current happenings to jettison those mistakenly-hired employees swiftly and efficiently.

Note: I'm sure many very talented people were caught up in this tide, too. I'm just relaying some anecdotal opinions that I've heard from hiring managers and execs in my personal and professional circles.